nft_img image

Staying cautious about shady deals when transacting tokens on any marketplace.

NFT’s are compared to a flying Champagne cork; is it true?

Blockchain technology applications called NFT’s are the greatest hits of 2021, and people worldwide say it’s just the start.

Digital tokens are like champagne bottles, and once opened, they will spill.NFT’s are so popular these days that everybody wants to have a piece and slot in the market. But how are NFT’s bought and sold! Where to display and how to get a houseful audience?

To buy and sell the NFT’s, a marketplace is needed to display digital tokens and show the audience what the project is and how to buy or sell. There are a lot of factors involved in buying and selling the NFT’s. A prominent marketplace is needed, trustable and easy to operate for transactions. This blog will explain the scams and other malpractices happening nowadays.

“When we hope for the rain, we have to deal with the mud too” means where there are good deals to be true, then there has to be another side of the coin which might be bad. Every artist, creator, and project owner wants to give the best outcome of the project and trust the marketplace like the open sea. The project is displayed, and all the brief communication and highlights are mentioned about the project for a clear understanding of the project, like how it was created and its importance.

The market is vast and does have holes. Many users are attracted to the Ponzi scheme, which looks true and attracts a lot of audiences to get maximum return on the digital token. In the current market scenario, marketing tools are used excessively to create favorite tags and show the treasure. The project is just as normal as others, but the sharp marketing done shows the popularity and features.

 

Social media marketing is emphasized to attract users.

NFT space has widened to a range that safety tools should be used before involving in the market. Social media giants like Twitter and Instagram are hungry to get advertisements or featured projects. Proper being not checked off a project and advertisements are being made without verifying the sources. As the advertisements are done instantly, and by bots, the filtration of the project lapses, and big banners appear on social media websites and apps. Big companies always take precautions and favor genuine ads, but sometimes it might not focus, and users are dangled in a one-trick pony.

For example, I am a user and checking my own account on social media and seeing the ads; I will be curious to know what the ad is as it’s related to the digital token. Digital marketing has become a great source to advertise many products. Always check the product’s background; try to find as much information about the product. Many users go invest in new products because it’s more advertised. We recommend gathering much of the info on the product and background; who are involved. How will it react if the market bears or bull it?

 

Follow security protocols:

In NFT’s market, all the wallets come with a secret key; If the wallet password is lost or misplaced, then secret keys are needed to operate the wallet, Do not share the details with anybody or store it online. These keys are private to you and should not be shared as the secrecy or knowing of the account is limited to the user only. Also, the extension and the wallet application are proper as per the browser. There are a lot of extensions users in the browser, which might be a potential malware hacking of vault extension. Make Sure the extension is of the wallet you are using.

Always try to use 2-factor authentication; it will help add an extra security layer towards the wallet or website you are using.2FA is one of the most secure layers, which many users are using. To log in every time,2FA is used; without it, users cannot log in to the account.2FA is a combination of 6 numbers that must be inserted every time users log in. Google Titan, Thesis, and Yubico are some of the options available.

Once the user has reached the 2FA, a barcode is generated and scanned. Random six digits are generated at regular intervals of time. By only entering that digits, one can log in to the account—these security features and benefits as well as a drawback. If the 2FA is lost, your account will be lost or cannot be opened; other things need to be done to remove the 2FA and log in.

Nowadays, each email id gets a lot of emails, especially the cold emails, which are initially a trick to click on, and from our point of view, it’s not to interact or click on it. Cold emails are a virus to inject into your device or email id. This kind of malware could steal all the info on the device, and potentially, all important info could be compromised. It is better not to get engaged with cold emails.

Beware of Ponzi schemes; It’s the old trick to lure a lot of users. On the one hand, it shows that this is free,just grab it, and from another hand, it takes the money off you and runs away. Yes, these kinds of schemes are still operative. Before you purchase an NFT from a seller on any marketplace, make sure you take a second to do your research on the seller. The seller might just be looked all shiny and attractive and the best prospect of the future.

To this day and age, some new scams and other ponzi schemes are launching every day to trick the users into it. Users are most vulnerable to the threat and are victims before they even know it. Always be mindful and practical when dealing with advanced online NFT’s buy and sell. Take all the time in the world to understand, trust and gather confidence to get in the process. Usually, as said earlier, new and unknown users who have not done their proper homework will have to pay the high price of their carelessness. Always follow the method in dealing with the transaction of NFT.

Share